Friday Feature - FMC assists growing agency find right finance arrangement
This week one of our Fund My Contractor clients has finally got to the magic number of contractors to warrant them moving from the Fund My Contractor model to their own invoice finance arrangement using the TBOS model, our sister company.
The agency has been on board with Fund My Contractor for over 18 months and when they originally came to Fund My Contractor they wanted to have their own invoice finance arrangement and use the TBOS model.
However when we weighed up the minimum fees charged and the 12 months sign up period they were apprehensive about the levels of contract business they could produce in their first 12 months so they went with Fund My Contractor instead (with TBOS looking after their perm business and agency running). This gamble paid off as within the first 12 months they had only placed half the number of contractors they originally planned and their profits would have been eaten away by the invoice finance service charges and minimum fees.
They are now looking forward to making some additional profits over the next 12 months based on the savings they will make by having their own invoice finance arrangement.
Do you want more information about how Fund My Contractor can assist your recruitment agency? You can contact us online by completing on contact form, alternatively call our team today on 0845 8811 112 and one of our team will be happy to assist you.